A loan of $2,500 was repaid at the end of 10 months with a check for $2,812.50.

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A loan of $2,500 was repaid at the end of 10 months with a check for $2,812.50. What annual rate of interest was charged?

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College Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780321945518

13th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen

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Question Posted: Dec 09, 2023 08:52 PM

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A loan of $2,500 was repaid at the end of 10 months with a check for $2,812.50.

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The annual interest rate is 015 r AP 1 12t where r is the a...View the full answer

College Mathematics For Business Economics Life Sciences And Social Sciences

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